Inman News earlier reported that Florida was among the states that have passed laws setting service requirements for real estate professionals. These laws are sometimes referred to as “minimum-service laws” because they establish a range of services that real estate professionals must provide for clients – at all times or in some instances.
The Florida Legislature in 1997 passed a real estate law that has been amended several times – most recently by the state Legislature in 2004. The law sets service requirements for agents and brokers.
The law states that brokers who provide “a limited form of representation to a buyer, a seller, or both in a real estate transaction but (do) not represent either in a fiduciary capacity or as a single agent,” must provide certain duties, including:
“Dealing honestly and fairly; accounting for all funds; using skill, care, and diligence in the transaction; disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; limited confidentiality, unless waived in writing by a party; (and) any additional duties that are mutually agreed to with a party.”
The law also lists “the duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent.” A single agent, by definition, cannot serve both parties in a real estate transaction.
The law lists the duties of a single agent: “Dealing honestly and fairly; loyalty; confidentiality; obedience; full disclosure; accounting for all funds; skill, care, and diligence in the transaction; presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and disclosing all known facts that materially affect the value of residential real property and are not readily observable.”
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